NCDEX Tips

Maize futures witnessed bargain buying from lower levels on the back of weak production estimates of kharif crop coupled with restricted supplies in international market. The NCDEX futures swelled by almost Rs 10 per quintal today.
The latest first Kharif advance estimates of Agriculture Ministry stated the total maize kharif production for 2012-13 at 15.89 million tonnes , down 6.5% from the final estimates of 2011-12. While United States Department of Agriculture (USDA ), estimated the India's total maize production at 20 million tonnes for 2012-13 , down 1.50 million tonnes from the last year.
Similarly, the latest monthly release from United States Department of Agriculture (USDA ) stated that the global maize production in 2012-13 is projected at 839 million tonnes , down 38.7 million tonnes from last year.
The NCDEX November Futures trading at Rs 1306 per quintal, up Rs 6 per quintal from last day. Technically, prices are likely to gather some buying around Rs 1295-1301 per quintal while resistances are likely at Rs 1320-1325 per quintal in the short term.